Ask Question
BusinessBusiness
8 October, 18:48

At the beginning of December, Global Corporation had $2,100 in supplies on hand. During the month, supplies purchased amounted to $3,500, but by the end of the month the supplies balance was only $2,800. What is the appropriate month-end adjusting entry?

+4
Answers (2)
  1. 8 October, 18:52
    0
    Debit Supplies expense (p/l) $2,800

    Credit Supplies Inventory $2,800

    Explanation:

    Supplies at hand = $2,100

    Purchases = $3,500

    Closing balance = $2,800

    Amount used up = $2,100 + $3,500 - $2,800

    = $2,800

    Appropriate month-end adjusting entry is

    Debit Supplies expense (p/l) $2,800

    Credit Supplies Inventory $2,800

    Being entries to write off supplies used during the month.
  2. 8 October, 19:08
    0
    DR Supplies expense $2,800

    CR Supplies $2,800

    Explanation:

    Opening Balance $2,100

    Add Purchases $3,500

    Total $5,600

    Closing Balance $2,800

    To determine usage for the month

    =Total supplies - Closing Balance of Supplies

    = $5,600 - $2,800

    = $2,800

    Usage for the month = $2,800

    DR Supplies expense $2,800

    CR Supplies $2,800
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “At the beginning of December, Global Corporation had $2,100 in supplies on hand. During the month, supplies purchased amounted to $3,500, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Read the following scenario and determine whether the synergy is negative or positive. The Alpha Team has been meeting since the fall of 2016 with a singular task of developing an appraisal instrument for administrative assistants in the MNO company.
Answers (2)
The cost of borrowing money is called_. A) risk b) deposit c) interest
Answers (1)
What is the difference between a shortage and scarcity? a. a shortage will exist when a good is scarce. b. scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level. c.
Answers (1)
You are conducting a business startup workshop sponsored by the Small Business Administration. The workshop attendees are all aspiring business owners who are excited and fearful about the prospect of starting their own business.
Answers (1)
If a firm reduces the number of warehouses from two to one and finds that total safety stock levels have not decreased as a result of this warehouse centralization, the most likely explanation is that lead time demands between the two warehouses
Answers (1)
New Questions in Business
What is cosideration
Answers (1)
With the federal funds rate near zero and the economy still struggling, the Fed began buying 10-year Treasury notes and certain mortgage-backed securities to keep interest rates low. This policy is known as
Answers (1)
Sugar, Inc. sells $529,300 of goods during the year that have a cost of $428,600. Inventory was $30,083 at the beginning of the year and $34,338 at the end of the year.
Answers (2)
Assume that Jack and Hal and Sophia enter into a contract for the sale of the restaurant. Hal and Sophia, for their own protection, put a clause in the contract that says the sale is contingent upon an independent appraisal indicating that the
Answers (2)
One of Simplex Company's products has a contribution margin of $44,000 and fixed costs totaling $54,000. If the product is dropped, $37,000 of the fixed costs will continue unchanged.
Answers (1)
Home » Business » At the beginning of December, Global Corporation had $2,100 in supplies on hand. During the month, supplies purchased amounted to $3,500, but by the end of the month the supplies balance was only $2,800.
Sign Up Forgot Password?